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ED arrests CFO & internal auditor of Cox & Kings

Posted Date : 07-Oct-2020 , 08:43:34 am | Posted By CASANSAAR print Print
The Enforcement Directorate on Tuesday arrested CFO of Cox & Kings Anil Khandelwal and the company's internal auditor Naresh Jain in connection with the Yes Bank money laundering case. A special court in Delhi remanded the two to seven days of ED custody.

"During PMLA investigation in the Yes Bank case it surfaced that Yes Bank had a total outstanding of Rs 3,642 crore in respect of Cox & Kings Group of Companies. Further probe revealed that CKG forged its consolidated financials by manipulating the balance sheets of overseas subsidiaries," ED claimed. It said some board resolutions submitted to banks for sanctioning the loans were also found to be forged. "Further investigation revealed that the loan sanction from Yes Bank was driven by then CMD Rana Kapoor and was given bypassing the norms."

The agency has said it has gathered evidence regarding 'clear instruction' of Rana Kapoor to the concerned bank officials to get the said loan continued and not to take efforts to recover it.

"During 2015 to 2019 sales of Rs 3,908 crore was made to 15 non-existent fictitious customers. Majority of collection shown in ledgers from Ezeego (another group entity of CKG ) was not found in the bank statements," ED said.

Another 147 customers also appeared to be suspicious and non-existent, the agency claimed. Cox & King Ltd has been accused of diverting Rs 1,100 crore to another stressed firm without any approval of the board which has no business relationship with the company.

"Anil Khandelwal and Naresh Jain acquired the mortgaged property amounting to Rs 63 crore in their owned business entity Reward Business Solutions without paying a penny from their pocket," ED said. #casansaar (Source - Times of India, TNN)

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